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Universal Life Insurance

Universal Life Insurance

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What is universal life insurance?

Universal life insurance is a form of permanent life insurance that offers you the ability to modify your death benefit and change your monthly premiums. Universal life is similar to whole life insurance, as its coverage can last for your lifetime and it will build cash value that you can borrow against during your lifetime. The primary difference between whole life and universal life insurance is that you can change your death benefit as your financial situation changes. Another perk of an universal life policy is it allows you to skip premium payments as long as the cash value is sufficient to cover the premiums for a given month.

Compare life insurance quotes

Just like home and car insurance, you need to shop and compare rates for life insurance. As you compare life policies, it’s important to compare the plans of competing insurance carriers, as well as their differences. You can start an online life insurance quote with us today and easily compare the premium, coverage amount, and other benefits of policies offered by multiple excellent insurance companies.


If you want a permanent life insurance product that builds cash value, allows you to change the death benefit and gives you the flexibility to change or skip premiums.

How does universal life insurance work?

As long as you pay your premiums on-time, universal life insurance will provide coverage throughout your entire lifetime. Life whole life insurance, it’s sometimes referred to as cash value life insurance because the policy has a savings account built into the premiums. In fact, as the savings contributions grows, you recieve more flexibility, like changing your premium payments.

What are the benefits of universal life insurance?

There are several benefits to a universal life insurance policy, here are a few:

Flexible Premiums

As the cash value of the policy increases, you can change the premium payments. You can even use the cash value to pay premiums. Eventually, the cash value could build up enought to make the policy a zero cost, where all premiums can be paid from cash value and the death benefit (less the cash value) remains the same.

Length of Coverage

Unlike the popular term life insurance policies, that only last for a set term (period of time). Permanent life, like whole and universal life insurance policy lasts for your lifetime – assuming you continue to pay your premiums and the policy is up-to-date.

Tax-Free Payouts

Tax-free is always good. The death benefits paid out from a life insurance policy typically does not create taxable income.

Borrowing and Loan Collateral

Universal life policies allow you to borrow money from your insurance carrier using the cash value as collateral. Of course, loans are subject to prevailing interest rates set by your insurer, and may reduce death benefit if unpaid at the time of your death.

What does a universal life policy cover?

Like other life insurance products, term life can help your family or loved ones cover lost income and other living expenses and liabilities, such as:

  • Mortgage or housing payments
  • College tuition or other education expenses
  • End of life, funeral and other burial costs
  • Debt, such as an auto, credit card or business loans

Other uses for universal life insurance:

  • Estate planning
  • Retirement savings

Learn more about life insurance

Life Insurance 101 is your go-to resource for any additional questions about life insurance.

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